If a residual gift is made to eg my brother but if he dies before me to his children equally on attaining age 25 what sort of trust will the resulting trust be - if the standard STEP provisions are included in the will?
Caroline Clark
Nicholson Clark
As at least one of the children’s parents will be dead at that time, to the extent that the children are aged under 25 the trust should qualify as an 18-25 trust, provided no IPDI or disabled person’s interest arises.
However, if an IPDI or DPI arises in a defined part of the residue, the rest of residue should continue to qualify inn respect of those children who are under age 25.
Paul Saunders